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The potential wealth available to over-55s through equity release has risen to more than £372 billion collectively in the second quarter of 2017, new research from Retirement Advantage has revealed.
Compared with the first three months of 2017, this is an increase of 1.4% across the UK. This is despite recent news that house prices fell by 0.2% in the three months ending in July, compared with the period between February and April, according to the most recent Halifax House Price Index.
Clearly, while house price growth may be slowing, there is still a lot of wealth in the housing market, and especially in those houses owned by people aged 55 and above.
Alice Watson, head of Marketing at Retirement Advantage, commented: "Despite some concerns about economic uncertainty slowing the housing market down, the fact is that property wealth levels across the UK remain substantial … it is encouraging to see a growth in potential property wealth available to over-55s through equity release."
Now, equity release won't be for everyone, and should only be considered following extensive discussion, with independent experts as well as family members that may be affected by the decreased inheritance that comes with releasing equity from your home.
However, as Alice states: "When you consider the amount of potential wealth available to over-55s via equity release, the benefits of a holistic approach to retirement finances have never been so evident … [And] with many facing the prospect of their pensions not providing enough for a comfortable retirement, discussing the potential role of property and other assets with a financial adviser as a first step makes good sense."
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